Net profit at Syndicate Bank has risen 347 per cent to Rs 100.19 crore in the fourth quarter ended March 31, 2003, against Rs 22.42 crore during the corresponding period last year.
The bank recorded revenues of Rs 942.91 crore during the same period, as against Rs 817.40 crore in the corresponding period last year.
The operating profit during this period increased to Rs 225.66 crore from Rs 64.20 crore in the corresponding period last year.
For the full year to March 31, 2003, operating profit of the bank reached an all time high of Rs 618.79 crore, an increase of 74.19 per cent over the previous year.
Net profit for the year increased by 37.35 per cent at Rs 344.13 crore. With this, the bank has come under the regular tax liability for the first time over a decade.
The tax liability of the bank was around Rs 112.50 crore. The bank has declared a dividend of 15 per cent for the year 2002-2003.
The global business of the bank for the year was Rs 47,687 crore, as against Rs 44,058 crore during the previous year. The savings deposits increased by over Rs 1,100 crore recording a growth rate of over 15 per cent.
The savings bank deposits have crossed Rs 8,600 crore. The credit/deposit ratio, which was almost stagnant, has increased to 50.24 from 47.21.
The EPS showed an increase of 37.29 per cent from Rs 5.31 to Rs 7.29, while the return on assets registered a significant increase from 0.98 per cent to 1.42 per cent.
